He entered a Zurich hospital three weeks ago for shoulder surgery and was reportedly put on life support due to complications, rumoured to be cardiac arrest.
Sergio Marchionne, auto industry CEO. "Due to medical privacy, the Company had no knowledge of the facts relating to Mr. Marchionne's health".
The eulogies had already begun to pour in at the weekend on the news that Marchionne was stepping down as head of FCA.
The holding company of the Agnelli family, which founded Fiat, confirmed Wednesday that Marchionne, 66, had died.
"We are deeply saddened by the passing of Sergio Marchionne", said Carey. On the same Friday when Fiat Chrysler says it was informed about Marchionne's condition, the company also denied a report that top managers were preparing to meet to choose a successor.
Marchionne took over as chief in September 2014 from Luca di Montezemolo when it had been seven years since Kimi Raikkonen had delivered the 15th - and still most recent - of their world driver's titles.
Marchionne underwent shoulder surgery in late June.
For the past several years, Marchionne had tried to engineer a merger or alliance between Fiat Chrysler and another automaker, driven by the view that vehicle companies were developing too much duplicate technology in the chase for cleaner engines and electric cars.
"The biggest challenges we face and frankly we're going to continue to face. are all focused in China", Manley said.
Marchionne's unexpected death and the lack of information released by Fiat Chrysler have generated media speculation about how much the company knew and what it should have disclosed.
Marchionne joined Fiat in 2004 and led the Turin-based company's merger with bankrupt USA carmaker Chrysler.
He added: "My family and I will always be grateful for what he has done". He let his real satisfaction show in June's presentation when he announced the company had reached zero debt, by donning a tie for the first time in a decade - albeit briefly. Hiding something of that magnitude for over a year, particularly for someone what was seen in public and attended hundreds of company and board meetings, does not make any sense. The company has not provided details on Marchionne's illness.